Whiting Petroleum sets 2022 capex up to $400 million

Whiting Petroleum Corp., Denver, plans to spend $360-400 million and produce 91,000-95,000 boe/d (52,000-55,000 b/d of oil) in 2022.

The year’s guidance is “designed for operation efficiency and maximum free cash flow,” the operator said in its February 2022 investor presentation.

For the year, the company expects to drill 62 gross/42 net wells with two rigs and one completion crew.

2021

Revenue for fourth-quarter 2021 increased $72 million to $473 million when compared to third-quarter 2021, primarily due to increased commodity prices between periods. Revenue for full-year 2021 was $1.5 billion.

Net income for the quarter was $292 million, compared to $198 million for third-quarter 2021. Net income for the 12 months ending Dec. 31, 2021, was $428 million. Adjusted net income for fourth-quarter 2021 was $168 million, compared to $142 million for third-quarter 2021. Adjusted net income for the 12 months ending Dec. 31, 2021, was $535 million.

Net cash provided by operating activities was $214 million in quarter and adjusted free cash flow was $156 million. Net cash provided by operating activities was $740 million and adjusted free cash flow was $504 million for the 12 months ended Dec. 31, 2021.

Fourth quarter production averaged 92,800 boe/d, consistent with the previous quarter of 92,100 boe/d. Oil production averaged 52,900 b/d compared to 51,800 b/d in third-quarter 2021.

Capital expenditures in the fourth quarter were $66 million compared to third-quarter 2021 spend of $67 million. During the quarter, the company drilled 17 gross/10.4 net operated wells and turned in line 16 gross/12.0 net operated wells. As of Dec. 31, 2021, Whiting has 34 gross (20.2 net) drilled uncompleted wells.